Global advisory firm Teneo has announced its acquisition of PwC’s Australia Business Restructuring Services unit. This marks a strategic expansion of its Financial Advisory footprint across Asia-Pacific.
The deal brings approximately 80 professionals into Teneo’s ranks, including PwC veteran Stephen Longley. He will lead the newly formed Financial Advisory Australia division.
Longley will report to Daniel Butters, CEO of Teneo’s Financial Advisory business, a company with nearly 600 employees globally.
The acquisition follows Teneo’s 2021 purchase of Deloitte’s U.K. restructuring arm. It reflects the firm’s ambition to become a dominant player in critical events advisory across the region.
The transaction significantly strengthens Teneo’s presence in Australia, where it already operates Strategy & Communications teams in Sydney and Melbourne.
The firm plans to open a Brisbane office in the coming weeks. This will embed itself in a market characterised by rising insolvency filings and demand for restructuring expertise.
Teneo’s expanded services will include corporate insolvency, capital advisory, and forensic investigations. This complements its existing offerings in M&A, ESG advisory, and geopolitical risk.
Executives from both firms noted the seamless transition and shared commitment to client outcomes.
“Australia has a diverse, innovative and growing economy, making it a critical market for Teneo as we continue to build our business across the Asia-Pacific region and around the world,” said Paul Keary, CEO of Teneo. “Today’s acquisition rapidly advances our ongoing commitment to grow our existing operations in Australia, and we are excited to welcome PwC’s Australia Business Restructuring Services unit to our global Teneo team.”
PwC Australia CEO Kevin Burrowes endorsed the move as a win for continuity and capability.
Burrowes said: “We are pleased to finalise this important transaction which will see our business restructuring services partners and team join Teneo. We look forward to working with Teneo on a seamless transition for our clients, people and partners and wish the new business every success.”
For global investors, the acquisition signals a broader trend: international advisory firms are doubling down on Asia-Pacific amid economic uncertainty and regulatory shifts.
Australia’s diverse and resilient economy makes it a strategic launchpad for cross-border restructuring and turnaround services.
Teneo’s move positions it to challenge the Big Four’s dominance in the region. It also capitalises on the growing demand for high-touch, scalable advisory solutions.
